Abuja, June 19, 2025 – The Senate has directed the Nigerian National Petroleum Company Limited (NNPCL) to explain ₦210 trillion allegedly missing in its audited accounts from 2017 to 2023
It gave the NNPCL up to one week to explain financial discrepancies totalling the amount over in its audited financial reports during the period.
The Senate Committee on Public Accounts gave ultimatum on Wednesday when Dapo Segun, the Chief Financial Officer of NNPCL, appeared before the committee.
The committee members expressed outrage at the mind-boggling irregularities in figures listed under accrued expenses and receivables in the company’s official reports.
Senator Aliyu Wadada, its Chairman, said the amount was too outrageous for the Senate to overlook it.
“We are looking at over ₦210 trillion in just two categories, accrued expenses and receivables.
“These are not mere rounding errors, they raise fundamental questions about transparency and financial integrity,” he said.
The committee alleged that the NNPC audited reports indicated N103 billion accrued expenses which included ₦600 billion in retention fees, unspecified legal fees, and auditor charges without any documentation or referenced contracts attached to them.
“How do you quote ₦600 billion in retention fees with no contract to back it up?
“There are legal fees with no record of the legal services rendered. It’s completely unjustifiable.
“The figures in the new document contradict the officially submitted financial statements.
“We find this not only implausible but deeply troubling.
“These numbers are already in the public domain and could significantly affect investor perception, especially as NNPCL is preparing for a public listing through an Initial Public Offering (IPO),” Wadada said.
